Bankwest Business MasterCard – Low Rate

Information verified correct on December 11th, 2016

Enjoy purchases with a low interest rate credit card that was designed to assist you in managing expenses.

The competitively low 11.99% p.a. rate is applied to purchases, balance transfers, and cash advances. Pay down your debts and strengthen your business with the Bankwest Business Low Rate MasterCard.

You can take advantage of a competitive interest rate and still work down your debt with the Bankwest Business Large Rewards MasterCard. It is also designed for the small business owner: you can consolidate your debt at the same interest rate of for months and earn rewards points for your purchases.

Product NameBankwest Business Low Rate MasterCard
Balance Transfer Limit95% of available credit limit
Purchase rate (p.a.)11.99% p.a.
Annual fee$59 p.a.
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 55 days on purchases
Cash advance rate (p.a.)11.99% p.a.
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$5,000
Max credit limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$50,000
Minimum Monthly Repayment$20 or 2%
Card TypeMasterCard
Late Payment Fee$35
Foreign Currency Conversion Fee (MC)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
2.95% of transaction value
Complimentary Travel InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationNo
Minimum Age18 years of age
Available to Temporary ResidentsNo
Credit Rating Requirement
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
Good
Min Credit Limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$5,000
Max Credit Limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$50,000
Annual Fee$59 p.a.
Minimum Repayment$20 or 2%
Late Payment Fee$35
Over Limit Fee$30
Cash Advance FeeGreater of 2% or $4.00
Overseas Cash Advance FeeGreater of 2% or $4.00
Overseas Emergency Replacement$25
Overseas ATM Balance check$0
Overseas ATM Withdrawal Fee$0
Foreign Currency Conversion Fee (MC)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
2.95% of transaction value
Gambling Transactions AllowedNo
Additional Cardholder Fee$0 p.a.
Number of Additional Cardholders3
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Bankwest Business Low Rate MasterCard review

The Bankwest Business Low Rate MasterCard gives you opportunity to work off your business debt by consolidating it into one manageable account. The interest rate for transferring your balances is currently at 11.99% p.a., which is the same rate for purchases and cash advances.

Not only is the interest rate for purchases a low , but you also have up to 55 interest-free days to pay those purchases off. Expand your business’ profitability by using your credit card to pay for everyday expenses.

This is a personal liability credit card best suited to small businesses. If your company is larger you might want to consider exploring business credit cards that allow liability to be assigned to the business, not its owner.

Benefits of the Bankwest Business Low Rate MasterCard

  • Low interest rates. A uniform interest rate of 11.99% p.a. applies to purchases, balance transfers and cash advances.
  • Credit limit transfer. You can transfer up to 95% of the approved credit limit.
  • Balance transfer from non-BankWest accounts. You are only permitted to transfer balances from non-Bankwest accounts issued in Australia. This includes standard and store issued credit cards.
  • Interest-free days. For purchases only, there are up to 55 interest-free days. These can only be taken advantage of when the account has been paid in full for the current and preceding statement period. Interest-free days will not apply to balance transfers or cash advances.
  • Cash withdrawals. If you need cash for your business, the Bankwest Business Low Rate MasterCard will allow you to withdraw funds from ATM’s up to $1,500 daily dependent on your available credit. Those funds that are withdrawn are charged a separate interest rate of 14.5% p.a.
  • Eligible for Android Pay. The Android Pay feature allows Bankwest cardholders to tap and go at the checkout with their Android device.

Features of the Bankwest Business Low Rate MasterCard

In addition to the competitive rates on balance transfers, purchases and cash advances, the Bankwest Business Low Rate MasterCard offers your business the following features:

  • Annual fee. Your account will be charged $59 so long as it is active.
  • Low interest rates. The interest rate for purchases, balance transfers and cash advances is 11.99% p.a.
  • Interest-free days. After a purchase, you have up to 55 days interest-free to pay it off.
  • Foreign transactions. When you make a purchase that involves the conversion of a foreign currency to the Australian dollar, you will be charged 2.95% of the Australian dollar amount.
  • Over the limit fee. If you go over the credit limit allowed with your card you will be charged $30.
  • Late repayments. If you miss or are late with your repayments you will have to pay an additional $35.
  • Card replacement. For the replacement of a lost card you will be charged $25.
  • Additional cardholders. You are permitted to have up to 3 additional cards with your account for no charge. Your monthly statement will contain detailed information for each card held on the account.
  • Liability. Despite this being a business credit card, the liability for any fraudulent use is the sole responsibility of the primary cardholder and not the business entity.
  • Credit limit. Depending on your individual financial circumstances, the amount of credit allowed will range from $5,000 to $50,000.
  • Repayments. The minimum repayment amount each month will be the greater of $20 or 2% of the total balance.

How to apply for the Bankwest Business Low Rate MasterCard

Eligibility criteria

  • Able to provide verifiable identification. This applies to any and all individuals associated with the application including your additional cardholders.
  • Authorised to represent the business in applying for the credit card

Required documents

  • The past three years’ worth of details of businesses finances including a profit and loss sheet with balance sheet.
  • The last three years of personal tax information for all individuals associated with the business.
  • If your primary bank account is not with Bankwest you will need to provide statements for the last year.

When considering a new credit card for your business make sure to examine all of the features offered to determine what will best help you meet your goals. Liability should also be considered, especially if your business is a larger one.

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Rates last updated December 11th, 2016
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* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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